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Wheaton Precious Metals misses Q4 earnings estimates, revenue falls YoY

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Wheaton Precious Metals Corp. (NYSE: WPM) reported its Q4 earnings on Thursday, with revenue falling YoY and missing estimates. The company’s Q4 Non-GAAP EPS was $0.23, missing estimates by $0.02, while revenue came in at $236.05 million, missing estimates by $5.65 million.

The company’s revenue decline was attributed to lower sales volumes due to lower production from some of its mines, as well as lower realized prices for gold and silver. Wheaton Precious Metals is a mining company that specializes in buying precious metals from mining companies in exchange for funding their operations.

Wheaton Precious Metals’ President and CEO, Randy Smallwood, said that the company’s results were impacted by lower-than-expected production from its San Dimas mine in Mexico, which is a key asset for the company. He added that the company is working to address the issues at the mine and is confident in its ability to deliver strong results going forward.
Despite the earnings miss, Wheaton Precious Metals’ stock remained relatively stable, with shares closing down just 0.4% on Thursday. The company’s stock has been on a steady decline since mid-2022, and is down nearly 40% from its 52-week high.

Looking ahead, the company said that it expects to see higher production volumes and higher average realized prices for gold and silver in 2023. Wheaton Precious Metals also announced that it has increased its dividend by 20% to $0.18 per share, which reflects the company’s confidence in its ability to generate strong cash flows going forward.

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